As Dubai seeks to expand its economy, Dubai’s Department of Economic Development (Dubai Economy) has said it issued 38,377 new licenses to businesses in 2019, up 90 per cent over 2018 when 20,129 licenses were granted.

Here Is All You Need To Know

• According to Dubai’s Department’s Business Registration and Licensing section 2019 also saw a slight decrease in the number of licenses cancelled to 4,949 from 5,037.
• In a statement, Dubai Economy said that the figures highlight the emirate’s economic competitiveness and its ability to attract investors to grow and expand their businesses.
• The growth in new licenses also comes as the UAE in July 2019 announced it would allow up to 100 per cent foreign investment in certain sectors of the economy, up from the 49 per cent limit that was earlier imposed.
• Dubai Economy said that preparations ahead of the Expo 2020 later this year have contributed to attracting hospitality companies, restaurants, hotels, and supply companies.

The Nationalities Of The License Owners

In total, the new licenses issued in 2019 created 184,437 jobs. The business people who secured new licenses in the year mostly came from the UK, Saudi Arabia, India, China, Bangladesh, Pakistan, Egypt, Jordan, and Sudan.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award winning writer.
He could be contacted at udohrapulu@gmail.com